The Golden Truth: Update on my over/under bank failure challenge to Meredith Whitney:

Friday, August 28, 2009

Update on my over/under bank failure challenge to Meredith Whitney:

I publicly challenged Meredith Whitney to a bet on her call that 300 banks would fail before this crisis is over. I offered to give her 310 and I would take the over. I offer the same to that pathetic, faux-analyst Dick Bove. I'm still waiting for Meredith to contact me on my offer.

Former North Fork CEO, John Kanas, was on CNBC saying that there would be ANOTHER 1,000 bank failures, which would put the total over 1,000. As a speculator, would you bet on an industry insider like Kanas, or would you put your money on Wall Street pimps like Whitney and Bove? Here's a link to Kanas' interview:

Is the real number 300 or 1,000?

My inclination would be to still wager on over 1,000 failures, but it certainly makes it seem more like an even-money propostion. How 'bout it, Meredith?

4 comments:

AnonymousFriday, 28 August, 2009
I'll go under 1000 but definitely over 300. My best educated guess is 786 before the smoke clears.
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EconomicDisconnectFriday, 28 August, 2009
I would not hold my breathe waiting for a taker on your bet.

P.S. great gap up today in both silver and gold. I think the stories highlighting the Swiss going to negative interest rates and other countries wanting to follow suit may have had a hand in the action.
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Dave in DenverFriday, 28 August, 2009
Rodd, you're done on a 1000 over/under. What ya wanna wager?
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EdwardoSaturday, 29 August, 2009
Meredith Whitney is on the line to WFC and then she has calls from BOA, C and uber whore, GS. Oh, and JPM could speed dial her at anytime. Busy, busy, busy.
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Why Gold?

Gold is the world's oldest currency. You exchange your fiat currency (dollars, euros, yen, yuan) into gold as an insurance policy against catastrophic Central Bank and Government policies which serve to destroy the value of fiat currencies and destroy democracy.

Gold can ONLY be considered an investment to the extent that it remains significantly and historically undervalued in relation to the fiat currencies against which its value is measured. Otherwise it remains the world's oldest currency and is completely free from the counterparty risk associated with currency by Government fiat (i.e. fiat currencies rely on a Government's "full faith and credit.")

Quote Of The Month Courtesy of "Jesse"

Unfortunately for Larry Summers, Ben Bernanke, and their friends at the BIS, they have not yet figured out how to print physical gold, silver, and other essential commodities, and the world is reaching the point where it might simply start ignoring the New York based markets with respect to essential commodities such as basic materials, oil, foodstuffs, and the like, as they become increasingly irrelevant, fraudulent, and Orwellian. And then where will the financial engineers be, except with no more excuses and no place to hide?

Here is the link to his entire commentary, well worth a read:

http://jessescrossroadscafe.blogspot.com/2010/07/gold-daily-chart-shock-and-awe-for.html

Great Quote From Jim Rogers On Govt CPI Reporting

JR: I mean, we have inflation now. If you go to the shop, whether it’s groceries, or education or insurance or health care, prices are going up for everything. The government lies about it in the US. Some countries lie, many countries don’t: Australia, China, India and Norway. Many countries don’t lie about it and acknowledge that we have inflation. Others lie about it, the UK and the US, but if you go shopping you know prices are up.

Q: Are you saying that the American Consumer Price Index (CPI) published by the US Bureau of Labor Statistics is a lie?

JR: In my opinion, yes, of course it is. Have you looked at it? They’ve changed their accounting several times in the past few decades. When housing was 20% to 25% of the CPI and housing was going up, they didn’t count it, saying rents weren’t going up, and then when home prices started going down, they counted it. It’s the same with many things. It’s staggering some of the tortuous reasoning that the BLS has used over the past 25 or 30 years. When the price of gasoline goes up, they say it’s not really going up because it’s better gasoline, better quality, therefore you’re getting more for your money. I mean, it’s endless, the stuff that they say and for some reason people sit there, although more and more people are catching on, and accept what the government says.

source: www.clusterstock.com

Quote of the Week

"The primary function of a Central Bank is to engage in the massive transfer of wealth from the middle class to the wealthy elite. The Federal Reserve was set up to do this with the blessing and support of Congress." - Dave in Denver

If you refuse to believe the above, please read "The Creature From Jekyll Island: A Second Look at the Federal Reserve" by G. Edward Griffin and then explain to me why the Senate voted down the Vitter Amendment and Congress refuses to pass a law requiring a full audit of the Fed, even though the Fed is using taxpayer-backed money to bailout Wall Street and Europe.